(Bloomberg) — Natural gas producer Gulfport Energy Corp. filed for bankruptcy, joining a slew of U.S. energy companies that are collapsing after the global pandemic deepened their struggle with low prices and too much debt.The Oklahoma City-based driller filed a Chapter 11 petition on Nov. 13 in U.S. Bankruptcy Court in Houston, declaring an estimated $2.5 billion in liabilities as of Sept. 30.Gulfport, which produces gas from fields in Ohio and Oklahoma, was grappling to stay afloat even before Covid-19, after a series of acquisitions over the past decade left it too indebted to weather the energy rout. Following pressure from activist investor Firefly Value Partners to change its board, the company on Aug. 7 warned it might not be able to stay in business if it failed to refinance its debt.Many investors have shunned producers operating outside of the Permian Basin of West Texas and New Mexico, the most … Read the rest

Monday

U.S.

Featured Earnings

Baidu Inc. (NASDAQ:BIDU) (Q3) EPS projection for 99 cents, compared to $1.31 in the prior-year quarter.

JD.com Inc. (NASDAQ:JD) (Q3) EPS projection for 36 cents, compared to 19 cents in the prior-year quarter.

Palo Alto Networks Inc. (PANW) (Q1) EPS projection for gain of five cents compared to loss of 32 cents in the prior-year quarter.

Canada

Economic lookahead

Monthly Survey of Manufacturing (Sept.) Manufacturing sales fell 2.0% to $52.4 billion in August, following three consecutive months of strong increases.

CREA Stats (Sept.) The Canadian Real Estate Association said home sales climbed 0.9% in September from August, raising them to a new all-time monthly record for the third month in a row.

Featured Earnings

K92 Mining Inc. (T.KNT) (Q3) EPS projection for eight cents, compared to 11 cents in the prior-year quarter.

MediPharm Labs Corp. (T.LABS) (Q3) EPS projection for loss of three cents, compared to

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(Bloomberg) — Simon Property Group Inc.’s rescinded $3.6 billion offer to buy rival mall owner Taubman Centers Inc. is going to trial Monday after a months-long dispute sparked by the pandemic.The companies announced a buyout agreement in February, just before Covid-19 hit the U.S., wreaking havoc on retailers and landlords. Simon in June said it was walking away from the deal and sought in court to have it “validly terminated.” Taubman countersued in an effort to force Simon to complete the purchase. Michigan Circuit Court Judge James Alexander will hear the case without a jury and is expected to rule by the end of the year.The timing of the offer couldn’t have been worse. Simon, one of the biggest U.S. mall owners, agreed to pay $52.20 a share for Taubman, a 51% premium. Taubman’s shares have dropped about 30% since March as the virus spread across the country, spurring lockdowns … Read the rest

The Canadian dollar scraped out a small gain in an uneventful trading session overnight, but is down on the week. The Canadian dollar is a bystander in global FX. Domestic issues, events, and even comments from Bank of Canada officials have limited to zero impact on the currency’s direction. Instead, its value fluctuates on the whims of global risk sentiment.

Traders have a right to be cautious. The 2020 U.S. presidential election is over, but President Trump has not conceded, which means a rather acrimonious transition, once the courts sort it out.

EUR/USD traded sideways in a narrow $1.1800-$1.1833 range overnight, in a somewhat risk-friendly environment. Hopes that a COVID-19 vaccine will be available in the spring have alleviated concerns over current cases, but not at the European Central Bank. Policy makers continue to harp on about the downside risks to economic growth from the second-wave pandemic outbreak, and the … Read the rest

(Bloomberg Opinion) — After five states — Arizona, Mississippi, Montana, New Jersey and South Dakota — passed ballot measures for marijuana use last week, the drug will soon be legal in some form for 70% of the U.S. population. A third of the country won’t even need a medical excuse. But that’s not the surprise.What’s more notable is that unlike in the past, all of this happened without much of a public uproar. To be fair, there have been bigger concerns on Americans’ minds these days. But this is the moment that cannabis companies and their investors have been waiting for: to be considered a legitimate industry rather than a hot voting issue. From here, the goal is to make weed every bit as normal as junk food, wine and other vices long found in stores across America.In order for the industry to flourish it needs the federal government’s help, … Read the rest

The S&P 500 and NASDAQ were both higher on Wednesday as traders added exposure to tech names that were hard hit earlier in the week.

The Dow Jones Industrials kept in the green by 49.26 points to 29,470.18, putting it on pace for a three-day winning streak

The S&P 500 advanced 28.88 points to 3,574.41

The NASDAQ took on 211.82 points, or 1.8%, to 11,730.

Apple gained 1.9%. Netflix climbed 0.7%. Facebook picked up 1.8%, and Amazon rose 2.5%, respectively. Alphabet traded 0.9% higher and Microsoft was up by 2.3%.

The Dow was coming off two back-to-back strong sessions, jumping 262 points on Tuesday and surging more than 800 points on Monday following Pfizer and BioNTech’s announcement about their more than 90% effective Covid-19 vaccine.

Eli Lilly’s antibody drug was cleared by the Food and Drug Administration for emergency use late Monday. The agency said the drug could be used … Read the rest

(Bloomberg) — Pfizer Inc. Chief Executive Officer Albert Bourla pocketed about $5.6 million after selling stock, the latest executive to reap the rewards of insider share transactions amid a vaccine-fueled rally for some pharmaceutical companies.Bourla disposed of more than 130,000 shares on Monday, according to a filing with the U.S. Securities and Exchange Commission. Sally Susman, executive vice president and chief corporate affairs officer at Pfizer, also offloaded about $1.8 million in stock.Pfizer’s shares soared that day after a report on results from its experimental vaccine with partner BioNTech SE. Anthony Fauci, the top U.S. infectious-disease specialist described the findings as “extraordinary” and regulators on both sides of the Atlantic could clear the vaccine for emergency use imminently.Both executives’ sales were done under prearranged 10b5-1 trading plans, which let people schedule sales in advance at certain times or prices, absolving themselves from accusations of insider trading. Public-company executives typically receive … Read the rest

Psilocybin was one of the biggest winners on election night. All after Oregon became the first state to legalize its use with Measure 109. The state now joins the cities of Denver, Oakland, and Santa Cruz, which have legalized the use of psilocybin, as well. Helping quite a bit, new studies are showing the drug could be a major breakthrough for treating the symptoms of depression. In fact, a new study from JAMA Psychiatry, for example just found that psilocybin “worked better than the usual antidepressant medications,” as noted by NPR. “The effect was more than four times greater,” added Alan Davis, an author of the study and a faculty member at both Johns Hopkins University. “There was a significant reduction in depression in the immediate-treatment group compared to those in the wait list.” As the psilocybin story continues to evolve, some of the top companies to watch include Revive … Read the rest

(Bloomberg) — Two battered giants of the travel industry — Carnival Corp. and American Airlines Group Inc. — are taking advantage of the coronavirus vaccine rally to sell stock.Carnival, the world’s biggest cruise company, filed to sell as much as $1.5 billion in stock after its shares surged on Monday. American Airlines separately priced an offering of about $500 million in common stock at $13 per share, people familiar with the matter said.The moves come at an opportune moment: Investors in both companies are optimistic that a Covid-19 vaccine could lift their fortunes. For Carnival, Monday’s gain was the biggest one-day increase ever. Still, the stock remains down about two-thirds this year — and the downward slide resumed on Tuesday.In a filing Tuesday, Carnival said it would raise money for general corporate purposes. The Miami-based company recently completed the sale of 67.1 million common shares under a similar program.Cruise companies … Read the rest

The Dow Jones Industrial Average rose on Tuesday, building on its sharp gains from the previous session, as a market rotation out of names that thrived during the pandemic and into stocks linked to an economic recovery continued.

The 30-stock index leaped 236.29 points to begin Tuesday at 29,394.26,

The S&P 500 sank 6.04 points to 3,544.46.

The NASDAQ dwindled 153.89 points, or 1.3%, to 11,559.89.

Amazon shares were down 3.5% after falling 5% on Monday. Zoom dropped 7%, adding to its 17% decline from Monday.

Names that would benefit from an economic recovery rose on Tuesday. Chevron and Exxon Mobil were both up more than 1%. Boeing traded 1.8% higher.

While cyclical stocks led the market advance on Monday, the tech-heavy NASDAQ fell 1.5% as investors dumped some of the popular stay-at-home plays such as Amazon, Zoom Video and Netflix. The NASDAQ finished Monday’s session near its session low.… Read the rest