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<a href="https://markets.businessinsider.com/stocks/sq-stock?utm_source=markets&amp;utm_medium=ingestgest"></a><ul class="summary-list"><li><keyword id="688028" type="CITY" weightage="60" keywordseo="Square">Square</keyword> received a street high $330 price target from <keyword id="6357341" type="ORGANIZATION" weightage="60" keywordseo="deutsche-bank">Deutsche Bank</keyword> on Wednesday.</li><li>The target implies a 22% gain from current share prices.</li><li>Deutsche Bank analysts expect the company's Cash App to benefit from another round of stimulus in 2021.</li></ul><p><a href="https://markets.businessinsider.com/stocks/sq-stock?utm_source=markets&amp;utm_medium=ingestgest">Square</a> received a street-high $330 price target from Deutsche Bank on Wednesday ahead of the company's February 23 earnings date.</p><p>Analysts at Deutsche Bank, led by Brian Keane, said Square may have been a "recovery play in 2020," but the "bigger recovery story" is set to come in 2021.</p><p>Square is a financial services and mobile payments firm that was founded in 2009 by Jim McKelvey and Twitter's Jack Dorsey. The company's stock has risen more than 220% over the past year as its flagship product, <a href="https://www.businessinsider.com/how-does-cash-app-work">Cash App</a>, blossomed due in large part to stimulus checks and the stay-at-home audience.</p><p>Deutsche Bank's Brian Keane said another round of stimulus checks might be a significant win for Cash App in a note to clients on Wednesday.</p><p>"Although benefits from the first round of stimulus have started to fade, Cash App should benefit from the second smaller round starting in 1Q21," Keane said.</p><p>The analyst also said his team expects "Cash App to benefit from monetizing new users, cross-selling products across the platform, and expansion into new products" throughout the year, but sees gross profit growth falling.</p><p>While some analysts and investors have been worried about Cash App's profit potential, Deutsche Bank analysts said they "expect margins" for the all-important business sector "to scale over time."</p><p>Deutsche Bank analysts also noted the benefit Square's stock brokerage products have had on the top line. The company added 2.5 million transacting customers since its launch less than a year ago as of the end of the third quarter. </p><p>The record surge in the price of <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">bitcoin</a> has been <a href="https://markets.businessinsider.com/currencies/news/square-stock-crypto-business-generate-1-billion-profit-bitcoin-soars-2021-1-1029941429">"a boon" for Square's revenue and gross profits</a> as well.</p><p>The company <a href="https://www.businessinsider.com/square-is-taking-on-the-big-cryptocurrency-exchanges-2017-11">made headlines</a> back in 2017 when it started allowing cryptocurrency trading through its Cash App. And more recently Square <a href="https://www.businessinsider.com/bitcoin-price-square-buys-million-ubiquitious-potential-currency-digital-tech-2020-10">bought $50 million worth of bitcoin</a> in an investment that has already paid big dividends for the company.</p><p>Deutsche Bank's Keane said he raised his fourth-quarter "Total Net Revenue growth" forecast to "~140% Y/Y primarily due to higher <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> revenue."</p><p>However, the analysts added that they are "lowering our Gross Profit growth from ~55% Y/Y to ~48% Y/Y due to the lower Seller volumes and Cash App Gross Profit growth."</p><p>Deutche Bank is forecasting net revenues of $9.49 billion when Square reports earnings on Feb 23 vs. consensus estimates of $9.51 billion. And the firm expects net income of $118 million vs. a $94 million consensus estimate.</p><p>Square traded down 1.86% on Wednesday as of 3:44 PM ET, at $270.80, giving the company a market cap of $122.08 billion.</p>

Square gets a street-high $330 price target from Deutsche Bank on Cash App stimulus potential

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Ford</span></p><p class="caption">Vans and bikes.</p></div><p></p></div></div>For over 100 years, Ford concentrated on building iconic cars and trucks. But under the leadership of CEO Mark Fields, on the job since 2014, the automaker is transforming itself into a company that isn't afraid to invest in buses and bikes.</p><p>On Friday, Ford announced that it will acquire <a href="https://www.chariot.com/">Chariot</a>, a San Francisco-based shuttle service founded in 2014 that's currently operating a fleet of Ford Transit vans.</p><p>Ford didn't disclose the purchase price, but said that it was an all-cash deal. Chariot emerged from Y Combinator and raised <a href="https://www.crunchbase.com/organization/chariot-3#/entity">$3 million in a seed round in April 2015</a>, led by Semil Shah with 15 other investors, including Major League Baseball Venture and Winklevoss Capital.</p><p>"As much as we look at our core business of building wonderful cars and trucks, we see an emerging market around mobility services," Fields told Business Insider.</p><p>"This world is moving toward both owning and sharing mobility," he added. "I don't view this as risk taking. The biggest risk is not to change and take advantage of opportunities."</p><p>Chariot's CEO, Ali Vahabzadeh, echoed that idea. "I can't wait to get started," he said, adding that he'll remain CEO and that Ford has given him "considerable latitude" to scale the business and expand it initially to at least five new US markets, with a larger global presence to follow.</p><p>Under Fields, Ford has been pressing hard to develop new initiatives in <keyword id="34991" type="ORGANIZATION" weightage="60" keywordseo="transportation">transportation</keyword> that will serve customers in the future. The traditional auto industry has been enjoying robust sales of new vehicles over the past two years, breaking a US record last year as 17.5 million cars and trucks rolled off dealer lots. Pickups and SUVs have led the boom, and Ford has benefited. </p><h2>The emergence of megacities</h2><p>But the world is changing.</p><p>"One of our biggest challenges is the growth of megacities," Fields said. "And with that comes the problem of moving people and goods around." </p><p>Chariot offers beleaguered Bay Area commuters and alternative to the overloaded mass-transit system. The startup uses 100 Ford Transit 15-seat vans to serve 28 crowdsourced routes, according to Ford. Currently, the routes are based on demand from riders, but after the Ford acquisition, data algorithms will take over and, Ford says, enable real-time mobility needs to be served.</p><p>User can use the pre-tax transit benefits to pay for rides, which typically cost less than $5. Various monthly pricing plans are also offered, with costs pegged to the time of day.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Chariot</span></p><p class="caption">The Chariot app.</p></div><p></p></div></div></p><p>Ford's acquisition, subject to the usual regulatory approvals, is the latest in a series of large and small deals involving conventional car makers and Silicon Valley startups. Last year, General Motors invested $500 million in ride-hailing service Lyft and established a separate business unit, Maven, to focus on urban-mobility solutions. GM also bought Cruise Automation, an autonomous-driving startup.</p><p>Fiat Chrysler Automobiles has joined with Google to pursue driverless technologies, Toyota has invested in Uber, and Volkswagen took a stake in Gett. Both Ford and GM have enhanced their on-the-ground presence in Silicon Valley, establishing local outposts to be closer to the action as the transportation landscape rapidly shifts.</p><h2>Risk-taking at Ford</h2><p>The Chariot deal continues a period of adventurous business moves by Ford since 2014. The automaker has redesigned its two most iconic vehicles, the Mustang muscle car and the F-150 pickup truck, rolled out a $400,000 supercar in the Le Mans-winning Ford GT, and completely revamped its highly profitable Super Duty pickup for the first time in two decades.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Steve Kovach/Business Insider</span></p><p class="caption">Ford CEO Mark Fields presenting at CES in 2016.</p></div><p></p></div></div></p><p>In addition to the Chariot acquisition - the first by Ford Smart Mobility, the company's future-of-transportation unit - the car maker announced that it would collaborate with bike-sharing service Motivate in the Bay Area to integrate its services into Ford's FordPass app. Users will be able to access pedal-powered transportation through the Ford GoBike feature in 2018, when the services launches. By that time, Ford expects that there will be 7,000 bikes available for sharing.</p><p>Beyond bikes and vans, Ford also said that it is creating a City Solution team as part of Ford Smart Mobility to explore ways in which the automaker can continue to develop transportation opportunities worldwide.</p><h2>Detroit and Silicon Valley</h2><p>The Chariot deal first took shape over a year ago.</p><p>"Mark Fields first came out to San Francisco 18 months ago," <span>Vahabzadeh said. "They knew that the transportation landscape was evolving, and they didn't just want to be part of that, they wanted to be a leader."</span></p><p><span><span>Vahabzadeh said that discussions between Ford and Chariot had sped up over the past few months. </span></span></p><p><span><span>"</span></span>Generally speaking, you're seeing a trend of large corporations investing in startups to accelerate their R&amp;D," he said.</p><p>According to Jim Hackett, Chairman of Ford Smart Mobility, Chariot rapidly emerged as Ford's best bet.</p><p>"There were a lot of shuttle ideas," he said, recalling his frequent visits to the Bay Area from Detroit. "This one really impressed me. It's a perfect fit for Ford, and it's going to be a global play."</p><p>And Ford isn't finished yet.</p><p>"There are some cases where we'll build [new technologies] ourselves, some cases where we'll partner and others where we'll acquire," Fields said. "It's an ongoing process, and that's why we set up shop in Silicon Valley. We're going to be significantly expanding into next year."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/amazon-echo-technology-coming-to-ford-control-your-house-2016-1">Ford is partnering with Amazon to let you control your house from your car</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="o2aGw0MDE68-j6BCCUcKrLmVASGHPM8R" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Ford is buying Y Combinator shuttle van startup Chariot in an all-cash deal

<p>JC Penney shares are plummeting today after <a href="http://www.businessinsider.com/jc-penney-q4-2012-earnings-2013-2">a big earnings whiff yesterday</a>.</p>
<p>One bright spot was how much cash the company accumulated.</p>
<p>But even that is dubious.</p>
<p>Morgan Stanley's Kimberly Greenberger notes that it looks like JC Penney is defering payments to vendors.</p>
<p style="padding-left: 30px;"><strong>JCP deferring vendor payments to shore up cash?</strong> Inventory dropped 20% y/y, still above JCP's -32% SSS, but merchandise accounts payable rose 14%. Typically, inventory and payables move together, suggesting JCP is delaying payments. Mgmt indicated it is changing vendor payment terms to be more in line with industry norms. Payables now represent 50% of inventory, much higher than peer M's 30%. In fact, had JCP's payables balance declined in line with inventory, payables would have represented 35% of inventory, much closer to its peer, but cash would have been $344M lower.</p>
<p><a href="http://www.businessinsider.com/jc-penney-q4-2012-earnings-2013-2"><strong>For more on the earnings whiff, see here &gt;</strong></a></p>

ANALYST: It Looks Like JC Penney Is Deferring Payments To Suppliers To Shore Up Cash

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Apple's profits might be boosted by 16% if President Trump's proposed tax reforms are enacted, according to an analysis by Citi.</p><p><a href="https://assets.donaldjtrump.com/trump-tax-reform.pdf">Trump's tax reform plans</a> include reducing the corporate tax rate from 35% to 15% in the US, and applying a <a href="http://www.taxpolicycenter.org/publications/analysis-donald-trumps-tax-plan/full">tax of only 10% to the profits of US companies that want to repatriate cash being held overseas</a>. Currently, taxes on foreign profits are deferred until the money is moved back to the US.</p><p>Under Trump's proposals, repatriating the cash at a one-time 10% tax rate would be more profitable than paying the 15% domestic rate. And it would avoid a recurring annual charge of 10% on future foreign profits.</p><p>The proposals would make it likely that Apple would move its foreign cash back to the US in order to pay the least amount of tax. In the most recent quarter, <a href="http://investor.apple.com/secfiling.cfm?filingID=1628280-17-717&amp;CIK=320193">Apple said it was holding $246 billion in cash</a>, of which $230 billion was held in foreign subsidiaries.</p><p>Citi analysts Jim Suva and Asiya Merchant say they would expect Apple to use the cash to increase its stock buyback program, adding 10% to EPS. The lowered domestic tax rate would also improve earnings per share by 6%:</p><p style="padding-left: 30px;">... we see Apple as a significant beneficiary of Trump tax reforms. Apple is very well positioned to benefit from potential tax reform of either or both a repatriation tax holiday and or a lower corporate tax rate. Our analysis show a reduction in US tax rate will drive 6% benefit to EPS while a cash repatriation holiday and share buyback could drive an incremental 10% EPS benefit (assuming 25% of repatriated cash used for stock buy back).</p><p>They believe Apple will update its "capital return" program on the next earnings call:</p><p style="padding-left: 30px;">We expect Apple to provide an update to their Capital Returns program, especially in the light of a potential tax reform benefit from reduction in corporate taxes and cash repatriation. With domestic FCF generation at ~$20bln and net cash at $158 bln (up slightly y/y in December), AAPL should announce an increase to their annual shareholder return policy during their quarterly earnings call. We currently model capital returns authorized to increase to ~$300 bln (from ~$250 bln currently) with a dividend increase of 10%.</p><p>Here's a chart:</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-hackers-can-get-around-2-factor-authentication-2017-3">Here's how hackers can get around 2-factor authentication</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5jZG1mYTE6PJjVyoeW0caYvADcUjDLRA" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Apple's profits would jump by 16% under President Trump's proposed tax reforms, Citi says

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Joe Skipper / Reuters</span></p><p class="caption">Tesla CEO Elon Musk.</p></div><p></p></div></div></p><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/tesla">Tesla</a> broke through the $7 billion barrier in revenue for the fourth quarter of 2018.</li><li><a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla's</a> revenue has been surging since mid-2018.</li><li>Tesla's <a href="https://www.businessinsider.com/tesla-q3-revenue-more-important-profit-2018-10">firehose of money</a> has showed up at exactly the right time for the company to fund future expansion.</li></ul><p><a href="https://markets.businessinsider.com/news/stocks/tesla-earnings-q4-revenue-model-3-2019-1-1027910500">Tesla reported fourth-quarter and full-year 2018 earnings on Wednesday</a>, and while the bottom line was a miss, the top line surpassed analysts' expectations.</p><p>Tesla brought in $7.23 billion in revenue, a record quarter for the company - and an important milestone. In the third quarter of 2018, revenue was just under $7 billion, so crossing that mark is both symbolic and supportive of ongoing profits.</p><p>It's no guarantee of profits, but Tesla finished last year with consecutive profitable quarters for the first time in its history. Rising revenue is a useful thing.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/tesla-earnings-sufficient-cash-pay-for-920-million-bond-payment-march-1-2019-1">Tesla says it has 'sufficient cash' to pay for its biggest debt payment ever that's due in a month</a></em></p><p>This is what happens, of course, when you go from selling 100,000 vehicles year to selling nearly 250,000. From Tesla's perspective, keeping revenue moving up in the future will depend on increasing both production levels and maintaining demand.</p><p>Neither are guaranteed. But the company is setting up to roll out a new, high-volume vehicle in the Model Y SUV. There should be good demand for the Model Y in the US, where SUV sales have surged in the past two years. Tesla has also been pricing the Model 3 in the neighborhood of $50,000. Model Y pricing should be similar initially, as Tesla builds itself into being the all-electric BMW.</p><p>Tesla has a lot on its plate for 2019 and 2020, and while it's a positive that it finished 2018 with $3.7 billion in cash - around $3 billion more than it's harbored in the past - what's more important is that the firehose of cash has been created. </p><p class="tagline">Get the latest Tesla stock price<a href="http://markets.businessinsider.com/stock/TSLA-Quote"> <strong>here.</strong></a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/elon-musk-left-tesla-fired-2018-10">What would happen if Elon Musk left Tesla</a></h3>        <div>                    </div>    </div>

Tesla's revenue has hit a critical milestone

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Associated Press</span></p><p class="caption">Tesla CEO Elon Musk jokingly motions to kick before introducing the Model Y at Tesla's design studio Thursday, March 14, 2019, in Hawthorne, Calif. The Model Y may be Tesla's most important product yet as it attempts to expand into the mainstream and generate enough cash to repay massive debts that threaten to topple the Palo Alto, Calif., company. (AP Photo/Jae C. Hong)</p></div><p></p></div></div></p><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/tesla" target="_blank" rel="noopener">Tesla</a> CEO <a href="https://www.businessinsider.com/category/elon-musk" target="_blank" rel="noopener">Elon Musk</a> said he expects the new <a href="https://www.businessinsider.com/category/tesla-model-y" target="_blank" rel="noopener">Model Y SUV</a> to outsell the Model S, Model X, and Model 3 combined.</li><li>"I think it will probably sell, probably do more Model Ys than (Model) S and (Model) X combined, most likely," Musk said.</li><li>While Musk remains optimistic about the vehicle, some on Wall Street have expressed concerns about the Model Y eating into sales for the Model 3.</li></ul><p>Tesla CEO Elon Musk said he expects the new Model Y SUV to outsell the Model S, Model X, and Model 3 combined.</p><p>"I think it's really compelling. I'm confident that of any mid-sized SUV, it will be the one you want," Musk said at the Model Y unveiling event in Hawthorne, California, on Thursday evening, adding that Tesla would "probably do more Model Ys than (Model) S, (Model) X, (Model) 3 combined, most likely."</p><p>Tesla opened up orders for the long-range and Performance versions of the Model Y after the event. Customers can place their orders on the company's website for a deposit of $2,500.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/tesla-model-y-design-and-specs-details-2019-3" target="_blank" rel="noopener">The Tesla Model Y has staggering specs - but it isn't a major new design for Tesla</a></em></p><p>While Musk remains optimistic about the vehicle, some on Wall Street have expressed concerns about the Model Y eating into sales for the Model 3.</p><p>In a note to clients earlier this week, Goldman Sachs analysts said that the Model Y could put further pressure on the Model 3.</p><p>"While the unveil of the Model Y could drive incremental reservations- given a much larger global market for crossovers than sedans - and help cash balances given likely deposit collection, this new product could further weigh on Model 3 demand as consumers decide to wait a little longer to purchase a Tesla crossover vehicle (a segment that has seen significant increases in demand across the major auto markets the past few years)," Goldman analysts said.</p><p>While Tesla saw a steady increase in Model 3 sales from October to December of 2018, the company saw a drop off in January and February of this year.</p><p>Tesla sold 17,750 Model 3s in the US in October and 25,250 in December. However, in January, the company only sold 6,500 Model 3 sedans in the US. That number dropped even further in February to 5,750.</p><h2>What to know about the Model Y</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>FREDERIC J. BROWN/AFP/Getty Images</span></p><p class="caption">Tesla CEO Elon Musk views the new Tesla Model Y at its unveiling in Hawthorne, California on March 14, 2019.</p></div><p></p></div></div></p><p>Tesla is currently selling three versions of the Model Y SUV.</p><p>The long-range rear-wheel drive begins pricing at $47,000 before incentives and has a range of 300 miles per charge.</p><p>The dual-motor all-wheel drive will have a range of 280 miles per charge and begins pricing at $51,000 before incentives. The Performance model will also have a range of 280 miles, but will begin pricing at $60,000.</p><p>According to Tesla's website, the company plans to begin manufacturing these three versions late next year. But customers can place an order now on the company's website for a deposit of $2,500.</p><p>Those looking to order the standard version of Tesla's Model Y will have to wait even longer for their SUV.</p><p>According to Tesla's website, the Model Y standard range version of the vehicle will begin production in 2021. Customers cannot yet place an order for this version of the vehicle.</p><p>The standard Model Y version will have a range of 230 miles per charge, a top speed of 120 miles per hour, and begin pricing at $39,000. The SUV will also be able to go from 0-60 mph in 5.9 seconds, Tesla says.</p><p>The Model Y SUV will seat five people, but two seats can be added for an additional cost.</p><ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/tesla-model-y-design-and-specs-details-2019-3" target="_blank" rel="noopener">The Tesla Model Y has staggering specs - but it isn't a major new design for Tesla</a></li><li><a href="https://www.businessinsider.com/tesla-model-y-design-and-specs-details-2019-3" target="_blank" rel="noopener">Elon Musk just unveiled Tesla's newest car, the Model Y SUV</a></li></ul>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/aston-martin-lagonda-electric-all-terrain-suv-geneva-motor-show-2019-3">Aston Martin's new fully-electric Lagonda could be the future of SUVs</a></h3>        <div>                    </div>    </div>

Elon Musk says Tesla's new Model Y SUV will outsell the Model S, Model X, and Model 3 combined

<ul class="summary-list"><li>Money market funds won't save the stock market from a painful decline, Bank of America says. </li><li>A 25-basis point Fed rate cut won't change the behavior of savers, according to the bank.</li></ul><p>The $6 trillion in money market funds will not save the stock market from a painful decline.</p><p>A <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-2024-6-trillion-cash-buy-the-dip-2023-12">common component of the bullish thesis for stocks</a> over the past year is that trillions of dollars of sidelined cash are set to <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-outlook-money-wall-drive-stocks-july-record-highs-2024-6">flood the stock market </a>once the Federal Reserve cuts interest rates, putting downward pressure on the juicy, risk-free 5% yield most money market funds offer.</p><p>But <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/bac-stock?miRedirects=1">Bank of America</a> says not so fast, offering two structural reasons money market funds won't be the catalyst for a continued bull rally many investors expect.</p><p>First, a measly 25-basis point interest rate cut from the Fed likely won't change the behavior of savers, as a cash yield of closer to 4% would still be a lot better than near-0% rates offered from 2009 through 2021.</p><p>An interest rate decline of hundreds of basis points wouldn't do the trick either, according to the bank.</p><p>"Historically, MMF [Money Market Fund] AUM growth y/y is typically positive unless front-end rates &lt;2%," Bank of America rates strategist Mark Cabana said in a note on Thursday.</p><p>According to Cabana, for money market funds to see negative outflows, the Fed would need to cut rates by at least 300 basis points, and that's not scheduled to happen anytime soon.</p><p>"Fed cuts will see MMF inflows slow but remain positive unless rates near zero," Cabana said.</p><p>The December 2025 target for the federal funds rate is just above 3%, according to the CME FedWatch Tool.</p><p>The second issue is that even if the Fed were to substantially cut interest rates and spark a wave of redemptions from money market funds, that cash probably wouldn't flow into the stock market.</p><p>According to Cabana, bonds would be the big beneficiary instead because money market funds compete mainly with checking accounts that offer near 0% yields rather than stocks.</p><p>"If MMF outflows happen cash likely to move into higher yielding fixed income, not equities. MMF to equities = bridge too far," Cabana said.</p><p>Stock market bulls should ultimately retire the idea that trillions of dollars of money market funds will help buoy stock prices, the analysts said.</p><p>"MMF cash should remain sidelined from a risk taking perspective," Cabana concluded.</p>

There's a major flaw in the stock market's most bullish thesis

<p>The third quarter has marked an "economic turnaround" for <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>, writes Standard Chartered's Wei Li.</p>
<p>"G<span style="line-height: 1.5em;">DP growth picked up to 7.8% y/y in Q3 from 7.5% in Q2, as the market expected," Li wrote to clients. "</span><span style="line-height: 1.5em;">Labor market remains robust; both urban and rural household income saw faster growth in Q3." </span><span style="line-height: 1.5em;">From the note:</span><span style="line-height: 1.5em;"> </span></p>
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<p style="padding-left: 30px;"><span>The aggregate labour demand-to-supply ratio reported by 100 or so job centres edged up to 1.08 in Q3 from 1.07 in Q2; a reading above 1 is positive. Moreover, urban household</span><span>s' </span><span>disposable income rose by 7.2% y/y in real terms in Q3, after growth slowed to 6.4% in Q2. This has supported a mild pick-up in urban household consumption, which grew 5.6% y/y in Q3, up from 4.6% in Q2. Real growth in rural households</span><span>' cash income </span><span>also accelerated, to 10.2% y/y in Q3 from 8.9% prior. Migrant worker</span><span>s' </span><span>real wage growth stayed robust at 9.9% y/y in Q3. </span></p>
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</div>
<p>Bank of America's Ting Lu looks at whether the recovery is sustainable or not. "<span style="line-height: 1.5em;">Based on QoQ sequential </span><span style="line-height: 1.5em;">growth, we believe the growth peak was behind us in 3Q and we will surely see a </span><span style="line-height: 1.5em;">decline of QoQ growth to around 1.8-1.9% in 4Q. In yoy terms, we could see a </span><span style="line-height: 1.5em;">small moderation to 7.7% in 4Q on higher comparison base, but we might see a </span><span style="line-height: 1.5em;">rebound again in 1H14 to around 7.8-8.0% on a low comparison base. We </span><span style="line-height: 1.5em;">maintain our 7.7% and 7.6% annual GDP growth forecasts for 2013 and 2014," he writes.</span></p>
<p><span style="line-height: 1.5em;">But according to Nomura economist Zhiwei Zhang, <a href="http://www.businessinsider.com/nomura-the-chinese-recovery-is-over-2013-10">we're about to see deceleration</a>. "We have argued that China's recovery is fundamentally unhealthy, as it has been mainly driven by heavy industry and stands in contrast to the principles recently espounded by both President Xi Jinping and Premier Li Keqiang - that a lower rate of GDP growth can be tolerated to ensure a better quality of growth in the future," he wrote to clients.</span></p>
<p><span style="line-height: 1.5em;">The other question this year has been China's credit conditions, but Li writes that "monetary policy has been effective so far, with differentiated treatment across sectors," including restrictions on industries with overcapacity.</span></p>
<p><span style="line-height: 1.5em;"><div class="KonaFilter image-container"><div class="image"><p class="source">Standard Chartered</p></div><p></p></div></span></p>
<p><span style="line-height: 1.5em;"><div class="KonaFilter image-container"><div class="image"><p class="source">Standard Chartered</p></div><p></p></div><br /></span></p>
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China Is In Recovery Mode

<p>There's a new trend in investing, and it's changing the game for a number of Wall Street institutions.</p><p>That trend, according to a note from Barclays' Kenneth Hill, is the growing popularity of exchange-traded funds - "passive products" that track indices and offer low-cost exposure to a particular market of asset class. </p><p>According to the note, ETFs are having a big impact on asset managers, eBrokers, and exchanges alike.</p><h2>Asset managers</h2><p>For asset managers, like BlackRock, Charles Schwab, and Invesco, ETFs are a bit of a mixed bag.</p><p>These funds have exploded in popularity, with ETF assets under management standing at <a href="http://www.icifactbook.org/fb_ch3.html">almost $2 trillion at the end of 2014.</a> The growth in assets is now beginning to slow, however, especially in the equity space.</p><p>Increased competition has also led to fee pressure, which in turn has put pressure on revenues for the fund managers who run the funds. </p><p>Here is a chart highlighting the slowing growth rates:</p><p><strong><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Barclays" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/564e249f2491f948008b6a60-960/screen shot 2015-11-19 at 2.34.42 pm.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Barclays</span></p></div><p></p></div></div></strong></p><p>Here's the impact on fees:</p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Barclays" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/564e24b42491f990008b6a0f-960/screen shot 2015-11-19 at 2.35.36 pm.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Barclays</span></p></div><p></p></div></div></p><p>As a result, the Hill argues that there will be a divergence in the performance of fund managers.</p><p><span>"We expect higher growth and less pressure on fees for the more targeted, niche, non-vanilla ETFs vs. standard broad-market ETFs. Still, we do not see growth as automatic even for these types of ETFs," </span><span>Hill</span><span> said.</span></p><p>"For example, [Blackrock] has seen significantly stronger flow trends compared to [Invesco] in its more targeted and smart-beta ETFs. Looking forward, we expect ETFs to continue to grow at a much faster pace than mutual funds, but believe investors might need to reset expectations as growth slows over time and fee pressure continues."</p><h2>eBrokers</h2><p>eBrokers like TD Ameritrade, E-Trade, and Charles Schwab are "underappreciated beneficiaries" of the trend toward ETFs, according to the note.</p><p>"Specifically, we see the group as benefiting from long-term favorable distribution trends, an increasing level of trading activity, and solid levels of growth following the launch of their own product set." </p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image"><p class="source"><span>Barclays</span></p></div><p></p></div></div>That's because online brokers are able to earn revenues from trading fees as well as the distribution of the products, according to the note.</p><p>Schwab has also developed its own ETF products as well as distributing third-party funds. </p><p>The note said: "The company has turned in very strong levels of growth this year, posting the second highest growth rate in the top ten ETF providers, with $11bn of inflows through October, or 47% annualized organic AUM growth."</p><h2>Exchanges</h2><p>Exchanges have mainly been affected because of the shift in trading activity as ETF volume grows. ETF-listed trading volumes have grown at a "very good clip", according to the report, and are now driving total trading activity. </p><p>The note said: "We anticipate that given the higher levels of trading that ETFs make up, and the strong tailwinds for the product, we should see overall cash equity trading growth be well supported moving forward.</p><p>"This year alone, we note that YTD activity for cash equities is showing some of the best y/y growth (up 8% y/y) for all the products and asset classes we track, and that Tape B volume (a good proxy for ETP/ETF volume) is up 26%, driving the broader growth of cash equities."</p><p>There is also a growing battle for ETF listings and market share between the exchanges, Hill notes - especially more recently as the <a href="http://www.businessinsider.com/wisdomtree-is-listing-etfs-on-bats-2015-10">BATS exchange has entered the fray.</a></p><p>Business Insider reported last month that BATS was winning new listings.</p><p><span><span>Bryan Harkins, h<span>ead of US markets at BATS, told Business Insider at the time: "</span></span></span><span><span><span><span>We want to be number one in ETF listings in a few years' time."</span></span></span></span></p><p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Barclays" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/564e26e911231419008b6921-960/screen shot 2015-11-19 at 2.45.19 pm.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Barclays</span></p></div><p></p></div></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/stock-seasonality-trends-debunked-market-january-effect-2015-1">The truth about those crazy calendar trends stock market gurus always talk about</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="02dWN3cjoRo3FOSpTse6EVirah31Vf3u" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The hottest investment trend on Main Street is reshaping Wall Street

<ul><li><strong><a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> shares spiked as much as 9% on Thursday after the automaker beat analysts' fourth-quarter profit and revenue estimates.</strong></li><li><strong>The company also accelerated its rollout for the Model Y crossover, announcing deliveries will start by the end of March.</strong></li><li><strong>The earnings win extended Tesla's rally through the new year. The stock is already up about 52% after hitting numerous record highs in 2020.</strong></li><li><strong><a href="https://markets.businessinsider.com/stocks/tsla-stock">Watch Tesla trade live here</a>.</strong></li></ul><p><a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> stock soared as much as 9% on Thursday after the automaker <a href="https://www.businessinsider.com/tesla-beats-wall-street-estimates-for-q4-2019-earnings-2020-1" target="_blank" rel="noopener">trounced Wall Street's expectations</a> with its fourth-quarter figures.</p><p>The company topped analyst estimates for both quarterly profit and revenue, and posted a second-consecutive quarter of profitability. Tesla expects 2020 deliveries to "comfortably exceed" 500,000, quashing analysts' once-prevalent supply fears. The estimate marks a 36% delivery increase from the 367,500 total in 2019.</p><p>Tesla again announced it was ahead of schedule in rolling out its Model Y crossover, revealing a "production ramp" began in January and deliveries will begin by the end of March.</p><p><strong>Here are the key numbers:</strong></p><p><strong>Revenue:</strong> $7.4 billion, versus the $7.1 billion estimate</p><p><strong>Earnings-per-share:</strong> $2.14, versus the $1.74 estimate</p><p><strong>Gross margin:</strong> 18.8%, versus the 18.3% estimate</p><p>"In 2019, we managed to generate more than $1 billion of free cash flow while building a factory in Shanghai in record time and while building parts of Model Y production," CEO Elon Musk said in a call with analysts. "For us to have this level of free cash flow while making massive investments in capacity while developing new products, while improving the core engineering, is a testament to the, I think, incredible performance of the Tesla team."</p><p>Tesla shares have nearly tripled from prices seen as recently as October, and are up about 52% year-to-date. The company's <a href="https://www.businessinsider.com/tesla-third-quarter-earnings-report-profit-loss-revenue-elon-musk-2019-10">last earnings report</a> posted a surprising return to profitability and a positive update for Tesla's production of vehicles in China. Tesla stock jumped as much as 17% following the third-quarter report.</p><p>The rosy fourth-quarter figures prompted a spate of analyst upgrades. The company's continued profitability and "healthy cash flow" made for a "potentially game-changing" report, Wedbush analyst Dan Ives wrote. The Tesla bull maintained a "neutral" rating for the stock but lifted his price target to $710 per share from $550.</p><p>The automaker should easily surpass 500,000 deliveries in the new year, and ramping up production in China could drive the stock to $1,000 in the long term, Ives added.</p><p>Tesla closed at $580.99 per share Wednesday.</p><p>The company has nine "buy" ratings, 10 "hold" ratings, and 18 "sell" ratings, with a consensus estimate of $431.56, according to Bloomberg data.</p><p><em><strong>Now read more markets coverage from Markets Insider and Business Insider:</strong></em></p><p><em><strong><a href="https://markets.businessinsider.com/news/stocks/coronavirus-reasons-worse-stock-markets-harder-past-outbreaks-strategist-sars-2020-1-1028857012">Here are the 3 reasons why coronavirus fears are roiling markets faster than the 2003 SARS breakout, according to one investment chief</a></strong></em></p><p><em><strong><a href="https://markets.businessinsider.com/news/stocks/us-treasury-yield-curve-inverts-first-time-since-october-recession-2020-1-1028856830">The market's favorite recession signal is flashing red again as coronavirus fears rage</a></strong></em></p><p><em><strong><a href="https://www.businessinsider.com/earnings-season-stock-market-options-strategy-20-recommendations-goldman-sachs-2020-1">GOLDMAN SACHS: You can make a killing this earnings season using a simple, low-cost strategy on these 20 stocks</a></strong></em></p><p><em><strong></strong></em></p><em><strong></strong></em><p class="tagline"><a href="https://www.businessinsider.com/intelligence/bi-intelligence-daily?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=tesla&amp;itm_campaign=bi-intelligence-daily"></a></p>

Tesla spikes 9% after a 2nd straight blockbuster earnings report

<div title="Page 1"><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Jeff J Mitchell / Getty Images</span></p></div><p></p></div></div>Wall Street has had a rough year. That's old news. </p><p>Pretty much every business line in the investment bank posted <a href="http://www.businessinsider.com/rates-trading-revenues-increase-coalition-2016-9">lower revenues for the first half than a year ago</a>. Banks are <a href="http://www.businessinsider.com/wall-street-trading-headcount-coalition-2016-9">cutting jobs</a>, or moving them to "<a href="http://www.businessinsider.com/morgan-stanley-is-moving-jobs-overseas-2016-9">low-cost locations</a>."</p><p>There is a developing sense, however, that things might be looking up. In short, there is a glimmer of light at the end of the tunnel.</p><p><span>Earlier this week, </span><span>Jefferies reported a jump in profit</span><span> for the three months ending August 31,</span><span> </span><a href="http://www.businessinsider.com/jefferies-just-reported-a-big-jump-in-profits-2016-9">driven by strong revenue in its fixed income trading business</a><span>.</span></p><p><span>Commentary around the results was hardly bullish, with management citing "reasonably steady" markets in fixed income and equities. </span></p><p><span>But that added to earlier comments from the Citigroup chief financial officer John Gerspach, who had said that markets revenues were above expectations. Morgan Stanley's CFO said there had been "good" activity levels in fixed income meanwhile. </span></p><p><span>And now JPMorgan's top banks analyst, </span>Kian Abouhossein, has raised his earnings-per-share estimates for global investment banks. He said in a note out September 22: </p><p style="padding-left: 30px;"><span>"We believe that strong Q2 IB revenue performance has continued in 3Q in some product areas, primarily in US Rates &amp; Credit, whereas Cash &amp; Equity derivatives is seeing slower than normal seasonality."</span></p><p>And:</p><div title="Page 1"><p style="padding-left: 30px;"><span>"Sep. is a key month for Q3, however, a strong July and better than seasonal Aug. and Sep. so far is leading us to upgrade our IB revenue estimates &amp; </span><span>we now forecast 3Q IB revenues to be -10% q/q (+2% y/y). </span><span>We expect FICC (-4% q/q, +26% y/y) to outperform Equities (-18% q/q, -14% y/y) and we forecast IBD revs to be -10% q/q (-4% y/y). As a result, we upgrade our EPS estimates by 6%/5%/3% in FY16/17/18."</span></p><p><span>To put that in plain English, the performance in July was strong, and August and September have been better than usual. </span><span>The biggest upgrade was for Goldman Sachs, with 2016 EPS estimates being raised by 8%. The analyst raised estimates on Morgan Stanley by 6%. </span> </p><p>With the third quarter about to come to a close, we'll soon find out whether that light in the tunnel is a sign of better things to come, or an oncoming train. </p></div></div>     <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/joseph-stiglitz-trump-wrong-about-economy-2016-9">STIGLITZ: There are so many ways that Trump is wrong about the economy</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="hpbG52NTE64NRwftkqFKdZEPdhBMQ4b8" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Good news! Wall Street might not have as lousy a year as we all thought

New Delhi, <keyword id="215177" type="DOMAIN" weightage="20" keywordseo="Vivo">Vivo</keyword> on Tuesday expanded its Y-series line-up with the launch of the Vivo Y20G smartphone Priced at ₹14,990 for a 6GB+128GB storage variant in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>.<br /><br />The device will be available in two attractive colours, obsidian black and purist blue, on the Vivo India E-store, <keyword id="18635" type="COMPANY" weightage="20" keywordseo="Amazon">Amazon</keyword>, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, Paytm, <keyword id="3381208" type="COMPANY" weightage="20" keywordseo="TataCLiQ">Tatacliq</keyword>, and across all partner retail stores.<br /><br />"Like all Vivo devices, the Y20G follows Vivo's commitment to 'Make in India' and is manufactured at Vivo's Greater Noida facility," the company said in a statement.<br /><br />The smartphone features the Helio G80 octa-core processor which makes the device stands out and give users a highly responsive gaming experience.<br /><br />According to the company, the <keyword id="1094323" type="COMPANY" weightage="20" keywordseo="Graphics-Processing-Unit">Graphics Processing Unit</keyword> (GPU) offers 98% more power, higher image quality and stronger performance. <br /><br />The processor also incorporates the HyperEngine Game Technology that speeds up game load time and provides a seamless gaming experience.<br /><br />The device features a 6.51-inch Halo FullView display, an aspect ratio of 20:9 and HD+ (1600X720) resolution.<br /><br />For continuous movie streaming and intensive gaming, the Vivo Y20G packs a massive 5,000mAh battery with 18W fast charge technology.<br /><br />The smartphone features an AI Triple <keyword id="6364276" type="UNKNOWN" weightage="20" keywordseo="camera">camera</keyword>-setup. The main 13MP camera, the 2MP Bokeh camera and the Super Macro camera.<br /><br />The Vivo Y20G also offers an 8MP camera for a perfect selfie experience.<br /><br /><br /><strong>SEE ALSO:<br /><a href="https://www.businessinsider.in/budget/news/indian-government-budget-dilemma-curb-the-sale-of-cigarettes-or-let-the-over-12-billion-tobacco-industry-provide-the-much-needed-cash/articleshow/80340422.cms">Indian government’s budget dilemma – curb the sale of cigarettes or let the over $12 billion tobacco industry provide the much needed cash</a><br /><a href="https://www.businessinsider.in/business/startups/news/zoom-dropbox-backer-salesforce-ventures-makes-its-first-investment-in-india-in-hr-tech-startup-darwinbox-which-claims-to-have-grown-by-200-during-lockdown/articleshow/80341562.cms">Zoom, Dropbox backer Salesforce Ventures makes its first investment in India in HR tech startup Darwinbox, which claims to have grown by 200% during lockdown</a><br /><a href="https://www.businessinsider.in/stock-market/news/home-first-finance-company-hffc-is-set-to-launch-its-1153-crore-ipo-on-january-21/articleshow/80341439.cms?upcache=2">Warburg Pincus-backed Home First Finance Company to launch ₹1,153 crore IPO on January 21</a></strong><br />

Vivo Y20G with triple camera setup, 5,000mAh battery launched at ₹14,990

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Ben Macmahon/AP</span></p></div><p></p></div></div></strong></p><ul class="summary-list"><li><strong><a href="https://www.businessinsider.com/category/tesla">Tesla</a> has $920 million worth of convertible bonds coming due on March 1. </strong></li><li><strong>If the stock price is below the notes' convert price of $359.87 the company will be on the hook to pay the debt in cash. </strong></li><li><strong><a href="https://markets.businessinsider.com/news/stocks/tesla-earnings-q4-revenue-model-3-2019-1-1027910500">In its fourth-quarter financial statement,</a> the company said it is prepared to pay that sum - the largest in its history - in cash. </strong></li></ul><p>If <a href="https://www.businessinsider.com/category/tesla">Tesla's</a> stock price does not climb 17% in the next four weeks, it'll be on the hook for $920 million in cash.</p><p>That debt payment, the <a href="https://www.bloomberg.com/news/articles/2019-01-29/tesla-needs-21-rally-in-weeks-to-dodge-920-million-bond-payout">largest in the company's history</a>, will be triggered by convertible bonds with a strike price if $359.87 due on March 1. In its <a href="https://markets.businessinsider.com/news/stocks/tesla-earnings-q4-revenue-model-3-2019-1-1027910500">fourth-quarter earnings release on Wednesday</a>, Tesla signaled that it's ready to pay for those notes in cash.</p><p>"We have sufficient cash on hand to comfortably settle in cash our convertible bond that will mature in March 2019,"<a href="http://ir.tesla.com/static-files/0b913415-467d-4c0d-be4c-9225c2cb0ae0"><span> the company said in its release. </span></a></p><p>That sentence contradicts a report from Bloomberg in December that said T<a href="https://www.businessinsider.com/tesla-to-pay-march-convertible-debt-cash-stock-report-2018-12"><span>esla was planning to pay the debt with a mix of equity and cash. </span></a></p><p>In addition to the $920 million coming due in March, Tesla has some $1.3 billion and $977 million of other convertible notes outstanding that will come due in 2021 and 2022. Another $1.8 billion in traditional bonds due in 2025 is also outstanding, according to Bloomberg data.</p><p>"In the second half of 2018, our cash position improved by $1.45 billion despite the scheduled repayment of a $230 million convertible bond in Q4," Tesla said in its statement. </p><p>Tesla had $3.69 billion cash and cash equivalents on hand as of December 31, according to its newly released balance sheet.</p><p><a href="https://markets.businessinsider.com/news/stocks/tesla-earnings-q4-revenue-model-3-2019-1-1027910500">Shares of Tesla sank about 1.74% following the earnings release. </a></p><p>Read More: </p><p><a href="https://www.businessinsider.com/tesla-model-y-gigafactory-2019-1" target="_blank" rel="noopener">Tesla says it's likely going to build its next car, the Model Y SUV, at the Gigafactory</a></p><p class="tagline">Get the latest Tesla stock price<a href="http://markets.businessinsider.com/stock/TSLA-Quote"> <strong>here.</strong></a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/gyro-x-two-wheeled-car-future-transportation-2019-1">This two-wheeled car was supposed to be the 'future' of transportation</a></h3>        <div>                    </div>    </div>

Tesla says it has 'sufficient cash' to pay for its biggest debt payment ever that's due in a month

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Here's what you need to know.</p><p><strong>Greece asked for more time, but Germany said no.</strong> Greece <a href="http://www.businessinsider.com/greece-just-asked-for-a-six-month-loan-extension-2015-2">requested a 6-month loan extension</a> from the Eurogroup so that it could have more time to secure a longer-term bailout financing deal as the current deal's February 28 deadline approaches. But according to multiple reports, <a href="http://www.businessinsider.com/greece-just-asked-for-a-six-month-loan-extension-2015-2">Germany has refused</a>. And so the Greek bailout negotiations drag on. Meanwhile, traders are dumping Greek securities. After being up by around 5%, Greek stocks are now modestly in the red. The euro is sliding too.</p><p><strong>Fighting rages on in Eastern Ukraine. </strong>The recently agreed upon cease-fire is now in doubt as reports suggest more than 5,000 troops have been killed in the fighting. <a href="http://www.nytimes.com/2015/02/19/world/europe/ukraine-conflict-debaltseve.html">It appears the Debaltseve railway hub has fallen to Russian separatists</a>. Russia's ruble is lower by -0.6% at 61.90 per dollar. </p><p><strong>Japanese exports surged. </strong>Trade data showed <a href="http://www.businessinsider.com/r-japan-january-exports-rise-17-percent-year-on-year-mof-2015-2">exports jumped 17% year-over-year</a> as the weak yen improved demand for electronics components. Also notable, imports dropped 9% YoY, aided by the decline in oil prices. The yen is off 0.2% against the dollar at 119.00. </p><p><strong>Inflation continues to cool across the globe. </strong><a href="http://www.dailytelegraph.com.au/business/breaking-news/french-inflation-turns-negative-in-january/story-fnn9c0gv-1227226025728">France</a> saw its inflation rate slow to -0.4% YoY (+0.1% YoY previous) while <a href="http://www.rttnews.com/2458764/finland-consumer-prices-fall-unexpectedly-in-january.aspx">Finland's</a> reading eased to -0.2% YoY (+0.5% YoY previous). </p><p><strong>European stock markets are firm. </strong>Spain's IBEX and France's CAC lead the region higher with gains of +0.4%. Britain's FTSE lags, hovering little changed. Markets across much of Asia were closed in celebration of the Lunar New Year.<strong> </strong>China said goodbye to the Year of the Horse and ushered in the <a href="http://www.china-family-adventure.com/year-of-the-sheep.html#.VOXJsWTF9M4">Year of the Goat</a>.</p><p><strong>The European Central Bank will release minutes from a policy meeting for the first time. </strong><a href="http://www.reuters.com/article/2015/02/18/ecb-minutes-idUSL5N0VQ3QM20150218">The minutes are expected to provide a glimpse into the construction of the ECB's QE program</a>. No names will be mentioned.</p><p><strong>American Petroleum Institute data showed oil inventories in the US are at a record high. </strong><a href="http://www.businessinsider.com/crude-oil-is-getting-smoked-2015-2">The report showed crude oil inventories grew 14 million barrels after seeing a 1.6 million barrel build a week earlier.</a> Crude oil pushed below $50 per barrel in early trade, but has regained the level, currently down $2 at $50.14. </p><p><strong>Ball Corp. will buy UK-based Rexam for $6.8 billion.</strong> <a href="http://www.bloomberg.com/news/articles/2015-02-19/ball-corp-agrees-to-buy-can-maker-rexam-for-6-8-billion">According to Bloomberg</a>, "Ball will pay 407 pence in cash plus 0.04568 of a new share for Rexam, according to a statement from the Broomfield, Colorado-based company on Thursday. That's a total of 628 pence, a 17 percent premium on London-based Rexam's closing price yesterday."<strong> </strong></p><p><strong>Pinterest is attempting to raise capital at an $11 billion valuation. </strong><a href="http://www.wsj.com/articles/pinterest-seeks-11-billion-valuation-with-new-funding-1424311549?mod=djemalertMARKET">The Wall Street Journal reports the company is looking to raise $500 million</a>. This week has been busy for startups seeking cash as <a href="http://www.businessinsider.com/pinterest-is-raising-a-huge-round-at-an-11-billion-valuation-2015-2">Uber, Snapchat, and FanDuel also announced plans to raise more capital</a>.</p><p><strong>Keep an eye on US data</strong>. At 8:30 a.m. ET, we'll get the latest tally of initial unemployment claims, which economists forecast fell to 290,000 from 304,000 a week ago. At 10:00 a.m. ET, we'll get the Philly Fed business outlook report; economists estimate the index climbed to 9.0 in January from 6.3 in December.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/iphone-headphones-tricks-2015-2">14 things you didn't know your iPhone headphones could do</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="o2OGM3czpWcydnvhjbkDBd6feXPuExiD" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

You Searched For "y cash" and got 14 results

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