Category: Article – Media

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Article: Who Needs New Year’s Resolutions After 43% Returns? Andrew Left Does.

Article - Media, Publications

Who Needs New Year’s Resolutions After 43%
Returns? Andrew Left Does.

Alicia McElhaney, 07 January 2020

In 2019, short-seller Andrew Left’s Citron Capital returned a searing 43.3 percent, net of fees. But instead of wallowing in glory, Left plans to make some changes to his investment style in 2020. Foremost, Left intends to zero in on small-cap stocks rather than betting on (or against) major names like Shopify and Tesla, he told Institutional Investor Tuesday.

“My job is not to be right; my job is to generate returns,” Left said. “I’m not doing that by shorting high-concept big stocks.” Left shared the firm’s 2019 performance in an investor letter Monday, where he also reflected on recent big bets and what’s ahead. He learned two major lessons in 2019, according to the letter. The first: “Always go back to Citron’s proficiency – exposing fraud.”
Continue reading “Article: Who Needs New Year’s Resolutions After 43% Returns? Andrew Left Does.”

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Article: ‘We are on the edge of a fundamental reshaping of finance’

Article - Media, Publications

‘We are on the edge of a fundamental reshaping of finance’

State Street, 17 January 2020

BlackRock’s move to put climate change centre stage won’t be a huge shock to Australian companies, which are used to industry super funds flexing their muscles. Continue reading “Article: ‘We are on the edge of a fundamental reshaping of finance’”

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Article: Swiss franc climbs after US adds it to ‘manipulation’ watchlist

Article - Media, Publications

Swiss franc climbs after US adds it to ‘manipulation’ watchlist

Sam Jones in Zurich and Eva Szalay in London , 15 January 2020

The Swiss franc nudged up to a near three-year high against the euro on Tuesday as markets anticipated the move would limit the Swiss National Bank’s appetite for aggressive action to try to hold down its currency in future.

“The report is a warning shot to the SNB,” said George Saravelos, global co-head of currency research at Deutsche Bank, adding that the franc is likely to push higher from here. It now trades around CHF1.08 against the euro.

The US called on Bern on Monday to “more forcefully support domestic economic activity” by spending money and reducing the country’s already low tax burden, in what was an unusual swipe at a sovereign nation’s financial affairs. “Despite borrowing costs for the Swiss government being among the lowest in the world, fiscal policy remains underutilised, even within the constraints of Switzerland’s existing fiscal rules,” the US Treasury said in its assessment.

The SNB said on Tuesday that its interventions were transparent, and “motivated purely by monetary policy . . . aimed at addressing the negative consequence for inflation and the economy through a highly valued franc.”

“They are not aimed at giving Switzerland advantages by undervaluing the Swiss franc,” it added.

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Article: Metals Trader Says Deutsche Bank Used Him as Spoofing Scapegoat

Article - Media

Metals Trader Says Deutsche Bank Used Him as Spoofing Scapegoat

Janan Hanna

Bloomberg, 13 January 2020

A former Deutsche Bank AG precious-metals trader accused by the U.S. of manipulating commodity markets claims the bank used him as a scapegoat to curry favor with regulators investigating the company.

James Vorley, who is awaiting trial in Chicago, said in a court filing Friday that the bank was acting at the request of federal investigators when it conducted an internal investigation of possible unlawful trading, or spoofing, on its precious-metals desk and obtained a recorded statement from him.

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Article: HAMILTON REGION Scammers steal about $150 worth of Canadian Tire Triangle points from Dunnville couple

Article - Media, Publications

Scammers steal about $150 worth of Canadian Tire Triangle points from Dunnville couple

The Sachem, 13 January 2020

Dianne and Reinder Vanderkooi are warning everyone to keep an eye on their loyalty point balances after scammers stole about $150 worth of Canadian Tire Triangle points from them. On Nov. 23, the Dunnville couple made a purchase and had $300 worth of loyalty points showing as their account’s balance on their receipt. Four days later when they made another purchase, that amount had dropped down to $149. Reinder said they’d been “saving toward a new set of tires. That’s a big deal, especially when you’re on a fixed income; we’re pensioners.
Continue reading “Article: HAMILTON REGION Scammers steal about $150 worth of Canadian Tire Triangle points from Dunnville couple”

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Article: Shopify’s (SHOP) Stock Price Soars As Short Seller Throws in the Towel

Article - Media, Publications

Shopify’s (SHOP) Stock Price Soars As Short Seller Throws in the Towel

Mat Litalien, 11 January 2020

Since going public, Shopify (TSX:SHOP)(NYSE:SHOP) has been one of Canada’s most prolific stocks. Shareholders who were lucky enough to get in on the company at its IPO price would be sitting on gains in excess of 1,450%! One of the downsides of being an industry disruptor and one of the top performers as that there will always be skeptics.

In the markets, these skeptics take many forms, but one of the most polarizing is the short seller, which is a bearish investors who makes significant bets against the company. In extreme cases, a short seller will spend considerable time and effort trying to market their bearish outlook to the masses. In Shopify’s case, it was attacked repeatedly by notable short seller Andrew Left, Managing Partner at Citron Research. Citron is known for making big marketing splashes.
Continue reading “Article: Shopify’s (SHOP) Stock Price Soars As Short Seller Throws in the Towel”

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Article: Ekso’s Q4 pre-announcement ‘bodes well’ for 2020 growth, says H.C. Wainwright

Article - Media

Ekso’s Q4 pre-announcement ‘bodes well’ for 2020 growth, says H.C. Wainwright

TheFly, 10 January 2020

H.C. Wainwright analyst Swayampakula Ramakanth reiterated a Buy rating and $1.20 price target on Ekso Bionics, saying the pre-announced “record” fourth quarter “bodes well” for continued growth in 2020.

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Comment: This appears to be a stellar example of a life-saving vital technology company being destroyed by collusion between a placement agent and naked short sellers.

 

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Article: Jay Hooley Joins Aptiv Board of Directors

Article - Media, Publications

Jay Hooley Joins Aptiv Board of Directors

PRNewswire, 09 January 2020

Aptiv PLC (NYSE: APTV), a global technology company enabling the future of mobility, today announced Joseph L. (Jay) Hooley has been named to its board of directors, effective as of January 8, 2020. “I am delighted to welcome Jay to Aptiv’s Board of Directors,” said Kevin Clark, President and Chief Executive Officer, Aptiv. “Jay brings his deep business acumen and a legacy of transforming State Street as we continue to lead the industry in developing and integrating technology solutions that solve mobility’s toughest challenges.” Continue reading “Article: Jay Hooley Joins Aptiv Board of Directors”

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Article: Silver Law Group Investigates Marijuana Company HEXO Corp. (HEXO)

Article - Media, Publications

Silver Law Group Investigates Marijuana Company HEXO Corp. (HEXO)

Silver Law Group, 06 January 2020

On October 4, 2019, HEXO Corp. announced the sudden resignation of its Chief Financial Officer (FCO), Michael Monahan, after four months in the position. The next trading day, the company’s stock closed down 6.4%. A few days after that, Bank of America analyst Christopher Carey downgraded the stock from “buy” to “underperform” and said that such an abrupt resignation from an experienced CFO would cause investors to wonder what they didn’t know. On October 10, 2019, HEXO released preliminary revenue data for the fourth quarter of 2019 that were almost 50% lower than their previous guidance. They also withdrew guidance for fiscal 2020 of up to $400 million in revenue.
Continue reading “Article: Silver Law Group Investigates Marijuana Company HEXO Corp. (HEXO)”

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Article: Duty to Service – Evolving Roles in the Fire Service

Article - Media

Duty to Service – Evolving Roles in the Fire Service

Joseph McCarthy

SIZE UP, 1 January 2020

When I was asked by my fire chief to assume the role of department chaplain, I had a general understanding of what the chaplain’s responsibilities were, and they were rather limited in scope: say an occasional prayer at dinners and meetings and lead the firematic services when we laid a firefighter to rest.

PDF (1 page):  Size Up – 2020 Issue 1 (Joseph McCarthy – Duty to Service)

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Article: FINRA sanctions Citi, JPMorgan, LPL Financial, Morgan Stanley Smith Barney, and Merrill Lynch

Article - Media

FINRA sanctions Citi, JPMorgan, LPL Financial, Morgan Stanley Smith Barney, and Merrill Lynch

Mario Nikolova

Finance Feeds, 26 December 2019

The United States Financial Industry Regulatory Authority (FINRA) today announces that it has sanctioned Citigroup Global Markets Inc.; J.P. Morgan Securities LLC; LPL Financial LLC; Morgan Stanley Smith Barney LLC; and Merrill Lynch, Pierce, Fenner & Smith Incorporated, over the firms’ failure to reasonably supervise compliance with FINRA’s “Know Your Customer” rule.

In settling this matter, the five firms paid combined fines totaling $1.4 million, and agreed to review their policies, systems, and procedures to ensure that they are reasonably designed to supervise custodial accounts and to achieve compliance with FINRA Rule 2090. The firms neither admitted nor denied the charges, but consented to the entry of FINRA’s findings.

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Article: Credit Suisse to Pay $6.5 Mln for Direct Market-Access Violations

Article - Media

Credit Suisse to Pay $6.5 Mln for Direct Market-Access Violations

Regulators on Monday fined Credit Suisse Securities $6.5 million and censured it for failing to control and have procedures for monitoring over $300 million of trading orders it allowed broker-dealers and other institutional clients to enter directly to it on U.S. securities exchanges over four years.

The U.S. unit of the Swiss bank executed over 300 billion shares for its direct market-access  (DMA) clients from mid-2010 through mid-2014 without designing surveillance procedures to detect whether the orders were erroneous and potentially manipulative, the Financial Industry Regulatory Authority said in a letter of acceptance, waiver and consent signed by Credit Suisse.

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Article: U.S. broker sanctioned for failing to guard against market manipulation

Article - Media, Publications

U.S. broker sanctioned for failing to guard against market manipulation

James Langton, 23 December 2019

Credit Suisse Securities (USA) LLC has been sanctioned by the U.S. Financial Industry Regulatory Authority (FINRA) and a trio of U.S. exchanges for supervisory violations that allowed possible market manipulation.

The firm has been fined a combined US$6.5 million for a variety of violations that stemmed from providing direct market access that allowed certain clients to engage in potentially manipulative trading activity, including spoofing, layering and wash trading. Continue reading “Article: U.S. broker sanctioned for failing to guard against market manipulation”

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Article: FINRA, Exchanges Blast Credit Suisse Over Failure to Prevent Market Manipulation

Article - Media, Publications

FINRA, Exchanges Blast Credit Suisse Over Failure to Prevent Market Manipulation

Jeff Berman, 23 December 2019

The Financial Industry Regulatory Authority, Nasdaq, the New York Stock Exchange and Cboe Global Markets all censured Credit Suisse Securities and fined the firm $6.5 million for supervisory and Securities Exchange Act of 1934/Market Access Rule violations after repeated failures to prevent market manipulation, FINRA said Monday.

Credit Suisse signed a letter of acceptance, waiver and consent on Nov. 18 in which it agreed to the censure and $6.5 million fine, of which $566,583 is to be paid to FINRA for violating multiple rules. FINRA accepted the letter Nov. 19.

A Credit Suisse spokesman on Monday said only that the firm was “pleased to have resolved these matters with FINRA and these exchanges.” Continue reading “Article: FINRA, Exchanges Blast Credit Suisse Over Failure to Prevent Market Manipulation”

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Article: Ekso Bionics Announces Closing of $5.0 Million Registered Direct Offering

Article - Media

Ekso Bionics Announces Closing of $5.0 Million Registered Direct Offering

GlobeNewswire, 20 December 2019

Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company”), an industry leader in exoskeleton technology for medical and industrial use, today announced the closing of its previously announced registered direct offering of 11,111,116 shares of its common stock and warrants to purchase up to 8,333,337 shares of its common stock, at a combined purchase price of $0.45 per share and associated warrant, for aggregate gross proceeds of approximately $5.0 million.

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Comment: This appears to be a stellar example of a life-saving vital technology company being destroyed by collusion between a placement agent and naked short sellers.
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